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Tennessee Wagering Revenue Improves Slightly In April

Operators have solid month to offset expected drop in handle

Chris Altruda by Chris Altruda
May 24, 2022
in Analysis, Industry
Tennessee April 2022 revenue report

Shutterstock

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Tennessee’s Sports Wagering Advisory Council reported more than $27.1 million in gross sports betting operator revenue for April, a slight increase from March despite a sharp, but expected, falloff in handle.

After the NCAA Men’s Basketball Tournament helped push handle to $370 million in March, the amount wagered across the nine digital sportsbooks in the Volunteer State dropped to $292.8 million in April. That 20.9% decline ended a six-month run of handles of at least $300 million and was the lowest in the state since September saw a then-record $257.8 million.

Operators in April, though, posted a 9.3% win rate β€” more than two full percentage points better than the 7.2% hold in March β€” to create a 2.3% revenue uptick from March’s total of $26.5 million. It was the eighth consecutive month gross revenue exceeded $20 million in Tennessee after that was achieved only once in the first 10 months after November 2020’s launch.

Running Top 10 April #SportsBetting handles by state:

1 New York: ~$1.4B
2 New Jersey: $926.9M
3 Pennsylvania: $572.8M
4 Michigan: $396M
5 Indiana: $360M
6 TENNESSEE: $292.8M <–NEW
7 Louisiana: $208.3M
8 Iowa: $177.4M
9 Connecticut $116.5M
10 West Virginia: $45.6M

— Chris Altruda (@AlTruda73) May 24, 2022

Promotional spend slowing

Promotional credits totaled just shy of $3.9 million in April, a slight increase from the nearly $3.8 million the previous month. Still, operators have slowed the pace of promotional spend in the first part of 2022, as the $20.6 million is 31.5% less than the $30.1 million in credits distributed in the final four months of last year.

Adjusted revenue after promotional credits totaled $23.2 million, which was 2.2% higher than March’s figure of $22.8 million. The state claimed more than $4.6 million in tax receipts for April and has surpassed $18 million in tax revenue through the first four months of the year. That total is more than $5.1 million better than the $12.9 million collected in the same period in 2021.

For year-over-year comparisons, Tennessee’s handle of nearly $1.4 billion so far in 2022 is 77.9% higher than the $766 million from the first four months of 2021, while gross revenue has increased 64.7% to $110.9 million. Adjusted revenue has improved 40.2% to $90.2 million despite a nearly two-point drop in hold to 6.6%.

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The Sports Wagering Advisory Council does not disclose monthly handle and revenue figures by either operator or sport.

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Chris Altruda

Chris Altruda

Chris Altruda has been a sportswriter with ESPN, The Associated Press, and STATS over more than two decades. He recently expanded into covering sports betting and gambling around the Midwest. His Twitter handle is @AlTruda73 and can be reached via email at [email protected]

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